First BanCorp. (NYSE:FBP) CFO Sells $1,344,000.00 in Stock

First BanCorp. (NYSE:FBP - Get Free Report) CFO Gonzalez Orlando Berges sold 75,000 shares of First BanCorp. stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $17.92, for a total value of $1,344,000.00. Following the completion of the sale, the chief financial officer now directly owns 277,020 shares in the company, valued at approximately $4,964,198.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

First BanCorp. Stock Up 0.6 %

Shares of NYSE:FBP traded up $0.11 during midday trading on Friday, hitting $18.08. The stock had a trading volume of 719,186 shares, compared to its average volume of 1,107,556. The company has a market cap of $3.06 billion, a P/E ratio of 10.34, a PEG ratio of 1.45 and a beta of 1.16. First BanCorp. has a 12 month low of $10.18 and a 12 month high of $18.32. The business's 50-day simple moving average is $17.03 and its 200-day simple moving average is $16.08. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.45.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.06. The business had revenue of $302.49 million during the quarter, compared to the consensus estimate of $229.19 million. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. During the same quarter last year, the firm posted $0.39 EPS. On average, sell-side analysts forecast that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Thursday, May 30th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Wednesday, May 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.54%. First BanCorp.'s dividend payout ratio (DPR) is currently 36.57%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. SummerHaven Investment Management LLC increased its holdings in First BanCorp. by 1.2% in the 4th quarter. SummerHaven Investment Management LLC now owns 56,423 shares of the bank's stock valued at $928,000 after buying an additional 661 shares during the period. Headlands Technologies LLC acquired a new position in First BanCorp. during the fourth quarter valued at approximately $113,000. Charles Schwab Investment Management Inc. lifted its stake in First BanCorp. by 2.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,084,199 shares of the bank's stock worth $28,053,000 after purchasing an additional 52,384 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of First BanCorp. by 32.0% in the 3rd quarter. Invesco Ltd. now owns 1,034,059 shares of the bank's stock valued at $13,918,000 after purchasing an additional 250,577 shares in the last quarter. Finally, FMR LLC raised its holdings in shares of First BanCorp. by 4.3% during the 3rd quarter. FMR LLC now owns 12,288,893 shares of the bank's stock worth $165,408,000 after buying an additional 505,003 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FBP has been the subject of several recent research reports. Wells Fargo & Company increased their target price on shares of First BanCorp. from $16.00 to $18.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 10th. Keefe, Bruyette & Woods increased their price objective on shares of First BanCorp. from $19.00 to $21.00 and gave the stock an "outperform" rating in a research note on Thursday, April 25th.

First BanCorp. Company Profile

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.

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